King's Lynn fashion store's future secured with creditor support
The future of a Lynn fashion store appears to have been secured after a proposed company voluntary arrangement (CVA) was accepted.
Administrators of Genus UK Ltd, which trades as Select and has a branch in the Vancouver Quarter, say 87 per cent of creditors backed the proposals at a meeting in London yesterday.
The company, which has 169 stores nationwide and employs around 1,800 people, had gone into administration last month.
Joint administrator Andrew Andronikou said: “The approval of the joint administrator’s proposals gives the best outcome for creditors as a whole.
"This will mean no immediate closures of the company’s stores, and no immediate redundancies.
“This should provide a platform upon which the company can deliver changes to its operational costs and structures, allowing it to stabilise and move forwards.
"As widely reported, there are many challenges in the UK retail sector, a factor which has adversely affected the high street.
"We are therefore pleased with the outcome of the meeting and the support displayed by creditors in their acceptance of the proposal, which has resulted in the rescue of the business.”